BITCOIN IS LOOKING MORE LIKE GOLD, NOT NASDAQ
Zach Pandl, Head of Research at Grayscale, said Bitcoin’s 90-day correlation with the Nasdaq 100 has fallen sharply from above 60% to around 33%. Meanwhile, BTC’s correlation with gold has risen from nearly zero at the start of the year to above 50%.
The shift matters because it suggests the market’s view of Bitcoin is changing. Rather than being treated mainly as a volatile risk asset moving alongside technology stocks, BTC is showing signs of being positioned closer to scarce assets such as gold.
According to Pandl, investors are refocusing on Bitcoin’s scarcity and its role as a “store of value” as U.S. federal debt has surpassed $40 trillion and long-term Treasury yields continue to rise.
Grayscale notes that Bitcoin emerged after the 2008 financial crisis, has no central issuer and has a fixed supply cap. These characteristics allow BTC to potentially serve alongside gold as a scarce alternative asset with deep liquidity.
The important point is not a single correlation figure, but the direction of the shift: BTC is becoming less tied to Nasdaq movements while increasingly being discussed in the context of preserving value amid rising debt and yields.
If this trend continues, will Bitcoin increasingly be valued as a scarce, gold-like asset rather than a technology-driven risk asset?
Please do your own research carefully before making any transactions (DYOR). $BTC $PAXG $HEMI
Zach Pandl, Head of Research at Grayscale, said Bitcoin’s 90-day correlation with the Nasdaq 100 has fallen sharply from above 60% to around 33%. Meanwhile, BTC’s correlation with gold has risen from nearly zero at the start of the year to above 50%.
The shift matters because it suggests the market’s view of Bitcoin is changing. Rather than being treated mainly as a volatile risk asset moving alongside technology stocks, BTC is showing signs of being positioned closer to scarce assets such as gold.
According to Pandl, investors are refocusing on Bitcoin’s scarcity and its role as a “store of value” as U.S. federal debt has surpassed $40 trillion and long-term Treasury yields continue to rise.
Grayscale notes that Bitcoin emerged after the 2008 financial crisis, has no central issuer and has a fixed supply cap. These characteristics allow BTC to potentially serve alongside gold as a scarce alternative asset with deep liquidity.
The important point is not a single correlation figure, but the direction of the shift: BTC is becoming less tied to Nasdaq movements while increasingly being discussed in the context of preserving value amid rising debt and yields.
If this trend continues, will Bitcoin increasingly be valued as a scarce, gold-like asset rather than a technology-driven risk asset?
Please do your own research carefully before making any transactions (DYOR). $BTC $PAXG $HEMI
